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Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2021

or

 

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File Number: 001-6300

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

(Exact name of Registrant as specified in its charter)

 

Pennsylvania

 

23-6216339

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

One Commerce Square

2005 Market Street, Suite 1000

Philadelphia, PA

 

19103

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code (215) 875-0700

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of Exchange on which registered

Shares of Beneficial Interest, par value $1.00 per share

PEI

New York Stock Exchange

Series B Preferred Shares, par value $0.01 per share

PEIPrB

New York Stock Exchange

Series C Preferred Shares, par value $0.01 per share

PEIPrC

New York Stock Exchange

Series D Preferred Shares, par value $0.01 per share

PEIPrD

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☒ No ☐

 

 


Table of Contents

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. On November 3, 2021, 80,200,236 shares of beneficial interest, par value $1.00 per share, of the Registrant were outstanding.

 

 


Table of Contents

 

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

 

CONTENTS

 

 

 

 

Page

 

PART I—FINANCIAL INFORMATION

 

 

 

 

 

Item 1.

 

Financial Statements (Unaudited):

4

 

 

 

 

 

 

Consolidated Balance Sheets—September 30, 2021 and December 31, 2020

4

 

 

 

 

 

 

Consolidated Statements of Operations—Three and Nine Months Ended September 30, 2021 and 2020

5

 

 

 

 

 

 

Consolidated Statements of Comprehensive Loss—Three and Nine Months Ended September 30, 2021 and 2020

7

 

 

 

 

 

 

Consolidated Statements of Equity—Three and Nine Months Ended September 30, 2021 and 2020

8

 

 

 

 

 

 

Consolidated Statements of Cash Flows—Nine Months Ended September 30, 2021 and 2020

10

 

 

 

 

 

 

Notes to Unaudited Consolidated Financial Statements

11

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

28

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

55

 

 

 

 

Item 4.

 

Controls and Procedures

56

 

 

 

 

 

 

PART II—OTHER INFORMATION

 

 

 

 

 

Item 1.

 

Legal Proceedings

58

 

 

 

 

Item 1A.

 

Risk Factors

58

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

58

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

58

 

 

 

 

Item 4.

 

Not Applicable

 

 

 

 

 

Item 5.

 

Not Applicable

 

 

 

 

 

Item 6.

 

Exhibits

59

 

 

 

 

Signatures

 

 

61

 

Except as the context otherwise requires, references in this Quarterly Report on Form 10-Q to “we,” “our,” “us,” the “Company” and “PREIT” refer to Pennsylvania Real Estate Investment Trust and its subsidiaries, including our operating partnership, PREIT Associates, L.P. References in this Quarterly Report on Form 10-Q to “PREIT Associates” or the “Operating Partnership” refer to PREIT Associates, L.P.

 


Table of Contents

 

Item 1. FINANCIAL STATEMENTS

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

September 30, 2021

 

 

December 31, 2020

 

(in thousands, except per share amounts)

 

 

 

 

 

 

ASSETS:

 

 

 

 

 

 

INVESTMENTS IN REAL ESTATE, at cost:

 

 

 

 

 

 

Operating properties

 

$

3,175,442

 

 

$

3,168,536

 

Construction in progress

 

 

44,671

 

 

 

46,285

 

Land held for development

 

 

4,339

 

 

 

5,516

 

Total investments in real estate

 

 

3,224,452

 

 

 

3,220,337

 

Accumulated depreciation

 

 

(1,388,330

)

 

 

(1,308,427

)

Net investments in real estate

 

 

1,836,122

 

 

 

1,911,910

 

INVESTMENTS IN PARTNERSHIPS, at equity:

 

 

19,947

 

 

 

27,066

 

OTHER ASSETS:

 

 

 

 

 

 

Cash and cash equivalents

 

 

28,975

 

 

 

43,309

 

Tenant and other receivables

 

 

36,102

 

 

 

54,532

 

Intangible assets (net of accumulated amortization of $20,220 and $19,187 at September 30, 2021 and December 31, 2020, respectively)

 

 

10,359

 

 

 

11,392

 

Deferred costs and other assets, net

 

 

134,967

 

 

 

127,593

 

Assets held for sale

 

 

3,626

 

 

 

1,384

 

Total assets

 

$

2,070,098

 

 

$

2,177,186

 

LIABILITIES:

 

 

 

 

 

 

Mortgage loans payable, net

 

$

856,986

 

 

$

884,503

 

Term Loans, net

 

 

945,456

 

 

 

908,473

 

Revolving Facilities

 

 

54,830

 

 

 

54,830

 

Tenants’ deposits and deferred rent

 

 

9,075

 

 

 

8,899

 

Distributions in excess of partnership investments

 

 

69,627

 

 

 

76,586

 

Fair value of derivative instruments

 

 

13,060

 

 

 

23,292

 

Accrued expenses and other liabilities

 

 

91,062

 

 

 

93,663

 

Total liabilities

 

 

2,040,096

 

 

 

2,050,246

 

COMMITMENTS AND CONTINGENCIES (Note 8)

 

 

 

 

 

 

EQUITY:

 

 

 

 

 

 

Series B Preferred Shares, $.01 par value per share; 25,000 shares authorized; 3,450 shares issued and outstanding; liquidation preference of $94,201 and $89,430 at September 30, 2021 and December 31, 2020, respectively

 

 

35

 

 

 

35

 

Series C Preferred Shares, $.01 par value per share; 25,000 shares authorized; 6,900 shares issued and outstanding; liquidation preference of $188,025 and $178,710 at September 30, 2021 and December 31, 2020, respectively

 

 

69

 

 

 

69

 

Series D Preferred Shares, $.01 par value per share; 25,000 shares authorized; 5,000 shares issued and outstanding; liquidation preference of $135,743 and $129,297 at September 30, 2021 and December 31, 2020, respectively

 

 

50

 

 

 

50

 

Shares of beneficial interest, $1.00 par value per share; 200,000 shares authorized; 80,200 and 79,537 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively

 

 

80,200

 

 

 

79,537

 

Capital contributed in excess of par

 

 

1,775,959

 

 

 

1,771,777

 

Accumulated other comprehensive loss

 

 

(12,876

)

 

 

(20,620

)

Distributions in excess of net income

 

 

(1,804,710

)

 

 

(1,699,638

)

Total equity – Pennsylvania Real Estate Investment Trust

 

 

38,727

 

 

 

131,210

 

Noncontrolling interest

 

 

(8,725

)

 

 

(4,270

)

Total equity

 

 

30,002

 

 

 

126,940

 

Total liabilities and equity

 

$

2,070,098

 

 

$

2,177,186

 

 

See accompanying notes to the unaudited consolidated financial statements.

4


Table of Contents

 

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

(in thousands of dollars)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

REVENUE:

 

 

 

 

 

 

 

 

 

 

 

 

Real estate revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Lease revenue

 

$

65,543

 

 

$

58,473

 

 

$

193,563

 

 

$

178,313

 

Expense reimbursements

 

 

4,650

 

 

 

4,040

 

 

 

12,436

 

 

 

11,321

 

Other real estate revenue

 

 

1,400

 

 

 

1,336

 

 

 

4,828

 

 

 

4,803

 

Total real estate revenue

 

 

71,593

 

 

 

63,849

 

 

 

210,827

 

 

 

194,437

 

Other income

 

 

143

 

 

 

340

 

 

 

430

 

 

 

764

 

Total revenue

 

 

71,736

 

 

 

64,189

 

 

 

211,257

 

 

 

195,201

 

EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Property operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

CAM and real estate taxes

 

 

(26,408

)

 

 

(27,688

)

 

 

(79,899

)

 

 

(80,418

)

Utilities

 

 

(3,749

)

 

 

(3,530

)

 

 

(9,573

)

 

 

(8,971

)

Other property operating expenses

 

 

(1,972

)

 

 

(1,827

)

 

 

(6,580

)

 

 

(5,699

)

Total property operating expenses

 

 

(32,129

)

 

 

(33,045

)

 

 

(96,052

)

 

 

(95,088

)

Depreciation and amortization

 

 

(29,142

)

 

 

(34,420

)

 

 

(88,667

)

 

 

(95,597

)

General and administrative expenses

 

 

(14,453

)

 

 

(9,526

)

 

 

(39,819

)

 

 

(30,790

)

Provision for employee separation expenses

 

 

(39

)

 

 

(60

)

 

 

(279

)

 

 

(1,173

)

Insurance recoveries, net

 

 

 

 

 

 

 

 

670

 

 

 

586

 

Project costs and other expenses

 

 

(27

)

 

 

(124

)

 

 

(206

)

 

 

(287

)

Total operating expenses

 

 

(75,790

)

 

 

(77,175

)

 

 

(224,353

)

 

 

(222,349

)

Interest expense, net

 

 

(32,426

)

 

 

(20,260

)

 

 

(95,135

)

 

 

(54,300

)

Gain on debt extinguishment, net

 

 

 

 

 

 

 

 

4,587

 

 

 

 

Gain on derecognition of property

 

 

 

 

 

7,006

 

 

 

 

 

 

7,006

 

Impairment of assets

 

 

(262

)

 

 

 

 

 

(1,564

)

 

 

 

Reorganization expenses

 

 

 

 

 

 

 

 

(267

)

 

 

 

Total expenses

 

 

(108,478

)

 

 

(90,429

)

 

 

(316,732

)

 

 

(269,643

)

Loss before equity in loss of partnerships, (loss) gain on sales of real estate by equity method investee, (loss) gain on sales of real estate, net, and gain (loss) on sales of interests in non operating real estate

 

 

(36,742

)

 

 

(26,240

)

 

 

(105,475

)

 

 

(74,442

)

Equity in loss of partnerships

 

 

(1,429

)

 

 

(3,259

)

 

 

(2,429

)

 

 

(2,798

)

(Loss) gain on sales of real estate by equity method investee

 

 

(10

)

 

 

 

 

 

1,337

 

 

 

 

(Loss) gain on sales of real estate, net

 

 

(217

)

 

 

(94

)

 

 

(1,191

)

 

 

11,169

 

Gain (loss) on sales of interests in non operating real estate

 

 

 

 

 

16

 

 

 

 

 

 

(174

)

Net loss

 

 

(38,398

)

 

 

(29,577

)

 

 

(107,758

)

 

 

(66,245

)

Less: net loss attributable to noncontrolling interest

 

 

669

 

 

 

734

 

 

 

2,686

 

 

 

1,996

 

Net loss attributable to PREIT

 

 

(37,729

)

 

 

(28,843

)

 

 

(105,072

)

 

 

(64,249

)

Less: cumulative preferred share dividends

 

 

(6,843

)

 

 

(6,843

)

 

 

(20,531

)

 

 

(20,531

)

Net loss attributable to PREIT common shareholders

 

$

(44,572

)

 

$

(35,686

)

 

$

(125,603

)

 

$

(84,780

)

 

See accompanying notes to the unaudited consolidated financial statements.

5


Table of Contents

 

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)

(Unaudited)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

(in thousands, except per share amounts)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(38,398

)

 

$

(29,577

)

 

$

(107,758

)

 

$

(66,245

)

Noncontrolling interest

 

 

669

 

 

 

734

 

 

 

2,686

 

 

 

1,996

 

Cumulative preferred share dividends

 

 

(6,843

)

 

 

(6,843

)

 

 

(20,531

)

 

 

(20,531

)

Dividends on unvested restricted shares

 

 

 

 

 

 

 

 

 

 

 

(363

)

Net loss used to calculate loss per share—basic and diluted

 

$

(44,572

)

 

$

(35,686

)

 

$

(125,603

)

 

$

(85,143

)

Basic and diluted loss per share:

 

$

(0.56

)

 

$

(0.46

)

 

$

(1.60

)

 

$

(1.10

)

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands of shares)

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding—basic

 

 

79,184

 

 

 

77,401

 

 

 

78,330

 

 

 

77,149

 

Effect of common share equivalents(1)

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding—diluted

 

 

79,184

 

 

 

77,401

 

 

 

78,330

 

 

 

77,149

 

 

 

 

 

 

 

 

 

 

(1) The Company had net losses used to calculate earnings per share for the three and nine months ended September 30, 2021 and 2020. Therefore, the effects of common share equivalents are excluded from the calculation of diluted loss per share for these periods because they would be antidilutive.

 

See accompanying notes to the unaudited consolidated financial statements.

6


Table of Contents

 

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

(in thousands of dollars)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(38,398

)

 

$

(29,577

)

 

$

(107,758

)

 

$

(66,245

)

Unrealized gain (loss) on derivatives

 

 

2,634

 

 

 

4,053

 

 

 

7,903

 

 

 

(15,750

)

Amortization of settled swaps

 

 

4

 

 

 

3

 

 

 

9

 

 

 

73

 

Total comprehensive loss

 

 

(35,760

)

 

 

(25,521

)

 

 

(99,846

)

 

 

(81,922

)

Less: comprehensive loss attributable to noncontrolling interest

 

 

630

 

 

 

138

 

 

 

2,518

 

 

 

2,401

 

Comprehensive loss attributable to PREIT

 

$

(35,130

)

 

$

(25,383

)

 

$

(97,328

)

 

$

(79,521

)

 

See accompanying notes to the unaudited consolidated financial statements.

7


Table of Contents

 

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

CONSOLIDATED STATEMENTS OF EQUITY

Three and Nine Months Ended

September 30, 2021 and 2020

(Unaudited)

 

 

 

 

 

 

PREIT Shareholders

 

 

 

 

 

 

 

 

 

Preferred Shares $.01 par

 

 

Shares of
Beneficial

 

 

Capital
Contributed

 

 

Accumulated
Other

 

 

Distributions

 

 

Non-

 

(in thousands of dollars, except per share amounts)

 

Total
Equity

 

 

Series
B

 

 

Series
C

 

 

Series
D

 

 

Interest,
$
1.00 Par

 

 

in Excess of
Par

 

 

Comprehensive
Loss

 

 

in Excess of
Net Income

 

 

controlling
interest

 

Balance January 1, 2021

 

$

126,940

 

 

$

35

 

 

$

69

 

 

$

50

 

 

$

79,537

 

 

$

1,771,777

 

 

$

(20,620

)

 

$

(1,699,638

)

 

$

(4,270

)

Net loss

 

 

(43,980

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(42,746

)

 

 

(1,234

)

Other comprehensive income

 

 

2,604

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,540

 

 

 

 

 

 

64

 

Shares issued under employee compensation plan, net of shares retired

 

 

(647

)

 

 

 

 

 

 

 

 

 

 

 

(277

)

 

 

(370

)

 

 

 

 

 

 

 

 

 

Amortization of deferred compensation

 

 

1,321

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,321

 

 

 

 

 

 

 

 

 

 

Balance March 31, 2021

 

$

86,238

 

 

$

35

 

 

$

69

 

 

$

50

 

 

$

79,260

 

 

$

1,772,728

 

 

$

(18,080

)

 

$

(1,742,384

)

 

$

(5,440

)

Net loss

 

 

(25,380

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(24,597

)

 

 

(783

)

Other comprehensive income

 

 

2,670

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,605

 

 

 

 

 

 

65

 

Amortization of deferred compensation

 

 

1,149

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,149

 

 

 

 

 

 

 

 

 

 

Other changes in noncontrolling interest, net

 

 

38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38

 

Balance June 30, 2021

 

$

64,715

 

 

$

35

 

 

$

69

 

 

$

50

 

 

$

79,260

 

 

$

1,773,877

 

 

$

(15,475

)

 

$

(1,766,981

)

 

$

(6,120

)

Net loss

 

 

(38,398

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(37,729

)

 

 

(669

)

Other comprehensive income

 

 

2,638

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,599

 

 

 

 

 

 

39

 

Shares issued under Operating Partnership units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

940

 

 

 

1,035

 

 

 

 

 

 

 

 

 

(1,975

)

Amortization of deferred compensation

 

 

1,047

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,047

 

 

 

 

 

 

 

 

 

 

Balance September 30, 2021

 

$

30,002

 

 

$

35

 

 

$

69

 

 

$

50

 

 

$

80,200

 

 

$

1,775,959

 

 

$

(12,876

)

 

$

(1,804,710

)

 

$

(8,725

)

 

 

 

 

 

 

PREIT Shareholders

 

 

 

 

 

 

 

 

 

Preferred Shares $.01 par

 

 

Shares of
Beneficial

 

 

Capital
Contributed

 

 

Accumulated
Other

 

 

Distributions

 

 

Non-

 

(in thousands of dollars, except per share amounts)

 

Total
Equity

 

 

Series
B

 

 

Series
C

 

 

Series
D

 

 

Interest,
$
1.00 Par

 

 

in Excess of
Par

 

 

Comprehensive
Loss

 

 

in Excess of
Net Income

 

 

controlling
interest

 

Balance January 1, 2020

 

$

427,425

 

 

$

35

 

 

$

69

 

 

$

50

 

 

$

77,550

 

 

$

1,766,883

 

 

$

(12,556

)

 

$

(1,408,352

)

 

$

3,746

 

Net loss

 

 

(13,549

)